Chapter 9: Further accounting standards

Question 1

Revenue

Answer 1

income arising in the course of an entitys ordinary activities

Question 2

Recognising revenue

Answer 2

Identify the contract with the customer

Identify the seperate performance obligations

Determine transaction price

Allocate transaction price

recognise revenue as each performance obligation is satisified

Question 3

Events after reporting period - adjusting

Answer 3

provides additional info about a condition which existed at the end of the reporting period

if it is material

Such as:

Provisions
Assets - impairments
Recievables - information about the insolvency of a trade receivable
Going Concern
Fraud

Question 4

Events after reporting period - adjusting

Answer 4

After the end of the reporting period

Examples

Assets - after reporting date
Investments - acquistion or disposal of a major business combination or major subsidary after year end
Discontinued operations
Shares Dividends - declare date